SBS Advance

SBS Advance is a reverse equity mortgage. To qualify you must be aged 60 or over, have a small mortgage or own your property outright.

The loan is secured by a registered first mortgage over your home. Your SBS Advance loan can be drawn-down as either a lump sum or in annual instalments, or a combination of both.

You can use the proceeds of the loan for any purpose; a trip to see the grandkids, owning that Harley Davidson you’ve always dreamed of, or simply the peace of mind knowing that if ill health strikes, you or your partner, there’s money there to ease the burden.

You may be able to borrow up to 50% of the property's value.

The benefits are:

• No change in ownership of the home over the course of the loan
• No cash payment to SBS is required on application, and there are no ongoing fees
• No payments are necessary (unless you choose) until you move permanently from your home
• The loan and accrued interest payments can never exceed the net sale proceeds of the home as long as you meet SBS Advance Loan Repayment Guarantee criteria
• The borrower(s) may use proceeds of the advance for any purpose
• The loan can be repaid, in full or part. At any time

The best thing to do is talk to one of our trained staff who can explain SBS Advance to you and help you assess whether it’s the best option for you. After all we've been helping people into their homes and properties since 1869.

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